Aquila Capital is increasing the installed capacity of its Midtfjellet wind farm in Norway by 40 MW for a total of 150 MW. Eleven Nordex N117 turbines are to be installed, each of which has a 3.6-MW rated output.
Midtfjellet has been in operation since 2013, and currently consists of 44 Nordex N100 and N90 wind turbines that were built in two expansion phases. The wind park has produced around 322 GWh/year since it was connected to the grid.
Connection of the additional installations in the third construction stage will be carried out in early 2019, and this will increase the production of the wind farm by about 110 GWh/year.
“We look forward to further expanding our successful cooperation with our Norwegian partners,” said Susanne Wermter, Head of Investment Management Energy & Infrastructure EMEA at Aquila Capital. “The past few months have shown how value creation can result from collaborations between asset managers and strategic investors.”
The facility is located directly on the coast, about 60 km from Norway’s second largest city, and thus benefits from optimal wind conditions.
“Our majority stake in Midtfjellet Vindkraft represents a decisive step for us in the implementation of our Renewable Energy Strategy in Scandinavia,” said Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital. “Northern Europe offers very good wind resources: electricity generation costs are generally competitive and require a lower total investment cost than many other feed-in tariff markets.”
Aquila Capital’s transaction volume in wind energy has now reached more than EUR 1 billion, based on assets with an installed capacity of more than 1 GW.
“We plan to further diversify the portfolio we manage through selected additional projects in Northern Europe and we are constantly reviewing potential target investments,” added Rosslenbroich.